Congress is Selling Apple Amidst DOJ Lawsuit

Last week we began to see the fallout of several lawsuits against Apple (AAPL) - which is down almost 6% in the last month - as well as congressional moves on the stock.

Here’s a rundown on what we’ve seen in the data recently:

LAST WEEK’S CONGRESSIONAL TRADES 

Insights from our Congress Trading Dashboard

• Representative Kathy Castor filed a sale of Berkshire Hathaway (BRK.B). Berkshire’s largest holding is Apple (AAPL) - and they were just sued by the Department of Justice.

• Senator Thomas Carper filed 15 security purchases including Arcadium Lithium (ALTM). He also filed 15 security sales, including Apple (AAPL). Carper sits on the Subcommittee on Natural Resources.

• Representative Michael Burgess filed a sale of Walgreens (WBA) and a sale of Illumina (ILMN). Burgess sits on the Committees on Budget and Energy + Commerce. Burgess has a trade volume of $2.69 million. 

• Representative Gerald Connolly filed sales of Science Applications International (SAIC), Leidos Holdings (LDOS), and Dominion Energy (D). Connolly sits on the Committees on Foreign Affairs and Oversight + Accountability. 

• Representative Brian Mast filed purchases of AT&T (T) and Amazon (AMZN). Mast sits on the Committee on Foreign Affairs. 

To see more details about their trades, and how they’ve performed since, check out our Congress Trading Dashboard. 

TOP GOVERNMENT CONTRACT RECIPIENTS STRATEGY

Insights from Quiver Strategies

Our Government Contract Recipients Strategy has shown strong performance recently, and is now up 26.41% YOY.

This strategy selects the top 20 recipients of government contracts, weighted by the values of the announced contracts. Each company's government contracts are measured with an exponential moving average to favor more recent contracts, while still weighing historical contracts. This portfolio is rebalanced at the start of every month.

You can see details like holdings, rebalancings, liquidations, and more - and you can implement this strategy into your own portfolio with copytrading.

You can try out features like this for yourself with Quiver Premium. 

ELECTION CONTRIBUTIONS 

Insights from our Election Contributions Dashboard.

This dashboard allows you to track campaign contributions made by publicly traded companies. This data includes contributions by company employees and political action committees (PACs) associated with companies.

The list above is sorted starting with the corporations that have made the most significant donations. While many corporations are split 50/50 between party PACs, heavier leanings begin to appear as we move closer to election season.

Currently, Honeywell International (HON) has contributed the most to PACs, with a total of $2,450,000, 53.58% of which is towards the Republican party.

You can also view company employee donations, which are typically much more skewed to one party PAC or another. Netflix (NFLX), for example, has 99.97% of their participating employees donating to Democrat PACs

Check out the dashboard for a full breakdown. 

APPLE UNDER LEGAL FIRE: CONSUMER LAWSUITS BUILD ON DOJ ANTITRUST CASE

Insights from the Quiver News Feed.

Apple (AAPL) is facing a series of consumer lawsuits following the U.S. Justice Department's recent antitrust case. These lawsuits, filed in California and New Jersey, accuse Apple of monopolistic practices that inflate the price of its products, specifically targeting the company's approach to messaging apps, digital wallets, and other smartphone-related technologies. These new class actions, aiming to represent millions of consumers, echo the Justice Department's allegations against Apple, suggesting the company has breached U.S. antitrust laws by stifling technological advancements that could have enhanced market competition.

While Apple has refuted the government's charges, the impact of these consumer lawsuits could be significant. Steve Berman, an attorney from the law firm Hagens Berman Sobol Shapiro, noted their firm's previous legal battles against Apple, including cases concerning Apple Pay and app store policies. These new lawsuits demonstrate a continuing legal challenge for Apple, which is already contending with private lawsuits accusing it of anti-competitive practices, including a class action ruled in February concerning its monopoly over iPhone apps.

Continued on our News Feed.